In the third round, Colombia presented a customs proposal for the FTA that Panama rejected, deeming it "somewhat inadequate". According to Elsalvador.com, the Panamanian viceminister of International Trade Negotiations, Francisco Álvarez De Soto, both governments 'decided that the issue was worth spending more time on'.

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The Panamanian Government considered conditions do not allow an agreement at this time.

During the fifth round of trade negotiations the Vice Minister of Commercial Negotiations of Panama, Francisco Alvarez de Soto, said that "The Government made the decision to communicate to our colleagues in Colombia that we consider appropriate and relevant at the moment, to suspend the process."